| Subject | Date Asked |
|
| Deferred Salary accounting | 8/5/2008 |
Q: We have a new staff member who wishes to defer salary payment for three months. I did not ask why. ...
A: As far as payroll accounting and the IRS is concerned, the payroll taxes are not due until the ...
|
| 1065 Filing Requirements | 5/31/2008 |
Q: My boss says there is a regulation that states a partnership with less than 10 partners is not ...
A: Hold on there cowboy. Your question asked if a partnership with fewer than ten partners is required ...
|
| I think my boss is commitiing tax fraud | 3/6/2008 |
Q: question. My job seems very shady. To make a long story short, its a family owned business. Every ...
A: It sounds fishy but I do not really have all the facts to make that determination. If he has no ...
|
| New S Corp Payroll Taxes | 12/28/2007 |
Q: Mike. I have begun setup of a new property investment business and need to know if I am the owner ...
A: It is pretty easy. You should go to the IRS site (irs.gov) and download Circular E. It will explain ...
|
| New to Bookeeping | 12/27/2007 |
Q: I am new to the bookkeeping scene and my husband opened his own business and I am doing the book ...
A: You can do that but it is not necessary. You can simply use the standard mileage rate for all miles ...
|
| taxes on bonus checks | 12/4/2007 |
Q: We are giving bonus checks to our employees this Christmas. Do I take payroll taxes out of them?
A: Yes, however you may want to make a manual adjustment for federal income tax withholding. The ...
|
| Bi-monthly payroll vs. bi-weekly | 11/5/2007 |
Q: I work for a company that has recently changed their payroll setup from a bi-weekly system to a ...
A: In the long-term, you will be paid exactly the same under both methods. Therefore, there is no ...
|
| Taxes/New business | 10/20/2007 |
Q: We started our own Excavating Business in April. Pretty much our bookkeeper has said that the first ...
A: First of all, your bookkeeper may be very wrong. You may very well pay taxes from the very first ...
|
| New to bookkeeping | 10/12/2007 |
Q: I am trying to get this debit credit and journal methods down for better record keeping. I only have ...
A: A sale on account triggers two entries. A/R XXX.XX Sales XXX.XX and Cost of sales XX.XX ...
|
| Bi-monthly payroll | 10/5/2007 |
Q: Employees are paid bi-monthly. Around this time last year we ran into this problem, looking at ...
A: First, it does not make sense that they turn in a timesheet every two weeks but get paid every other ...
|
| switching from bi-weekly to bi-monthly payroll | 9/27/2007 |
Q: I'm about to require mandatory direct deposit of payroll. I currently pay hourly employees bi-weekly ...
A: There is no magic bullet here. The first thing is to make sure they have plenty of notice that it is ...
|
| salaried employee | 9/9/2007 |
Q: I am supposed to be a salaried employee for a major pharmaceutical retail chain. As a pharmacist, ...
A: Please do not shoot the messenger, but I have given you the answer. It does not violate the law. ...
|
| salaried employee | 9/9/2007 |
Q: I am supposed to be a salaried employee for a major pharmaceutical retail chain. As a pharmacist, ...
A: Yes it is allowable as long as you are not paid less than minimum wage for any pay period. This is ...
|
| State Taxes | 8/22/2007 |
Q: I started out in my own store, but recently closed it and now selling from an antique mall. The ...
A: The owner of the mall should either be filling out the E500 for you or supplying the information to ...
|
| financial ratios | 8/16/2007 |
Q: What does it mean for a company if their ROCE decreases from the previous year. Is this a good thing ...
A: In general, a reduction in ROCE is a bad thing. One cause could be a reduction in net income which ...
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